Corporate | 12 November 2009 07:00
VERBIO Vereinigte BioEnergie AG / Interim Report
12.11.2009
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Leipzig/Zörbig, November 12, 2009: VERBIO Vereinigte BioEnergie AG (VERBIO)
achieved Group revenues of EUR 380.0 million (9 M 2008: EUR 490.6 mill.) in
the first nine months of the 2009 financial year. The Group-EBIT of the
respective period was EUR -10.4 million (9 M 2008: EUR 15.1 mill.) and
improved by EUR 0.8 million compared to 2009 half year's Group- EBIT.
The result of the period was EUR -14.9 million (9 M 2008: EUR 9.5 mill.).
Revenues of the third quarter 2009 amounted to EUR 133.0 million (Q 3 2008:
EUR 191.8 mill.) and were above revenues of the first two quarters of 2009.
A slightly positive Group-EBIT of EUR 0.8 million could be generated again
(Q 1 2009: EUR -12.0 mill.; Q 2 2009: EUR 0,8 mill.).
As at September 30, 2009 VERBIO was in funds of liquid assets of EUR 38.5
million (31.12.2008: EUR 66.7 mill.). As at reporting date the equity ratio
computed for 68.3 percent (31.12.2008: 66.2 percent).
Despite slightly reduced fuel consumption the demand for biofuels is
increasing - the utilization of the biodiesel segment is above 90 percent
and has increased in the bioethanol segment to about 65 percent
Comparing the periods the missing demand in the biodiesel segment for pure
biodiesel (B100) is again obvious, therefore in the first nine months of
the current financial year only 288,902 tons (9 M 2008: 300,663 tons) were
produced. In the second and especially in the third quarter a part of the
decrease in demand could be compensated by a higher request in the blending
business. Still a high price pressure exists in this segment, affecting the
achievable margins accordingly. It is satisfactory that the utilization
rate of the biodiesel segment is above 90 percent in the 2009 nine-month
period. In the first nine months of 2009 revenues of EUR 267.4 million (9 M
2008: EUR 336.6 mill.) were achieved; the segment result before interest
and taxes was EUR 0.1 mill. (9 M 2008: EUR 16.4 mill.).
During the same period 130,718 tons (9 M 2008: 88,390 tons) were produced
in the bioethanol segment thus significantly more than in the previous
year's period. Revenues amounted to EUR 94.3 million (9 M 2008: EUR 134.3
mill.). Compared with the corresponding period last year the price of
ethanol decreased in the first three quarters 2009 of about 17 percent on
average that is reflected in revenues and segment result. In addition in
the previous year's period revenue and result were positively impacted by
grain sales. The segment result before interest and taxes was EUR -10.8
million compared to EUR -1.5 million for the 2008 nine-month period. Also
it is noticeable that the demand for ethanol increased from quarter to
quarter in the course of the year.
In the first nine months of 2009 the energy segment contributed revenues of
EUR 12.2 million (9 M 2008: EUR 14.2 mill.) to total revenues. Because of
weaker wind months revenues were below the comparably previous year's
period. The segment result before interest and taxes amounted to EUR 0.2
million (9 M 2008: EUR 0.5 million).
The others segment generated revenues in the amount of EUR 6.1 million (9 M
2008: EUR 5.5 mill.). The segment result before interest and taxes improved
to EUR 0.1 million compared to EUR -0.3 million in the first nine months of
2008.
The results of the 15th UN-climate conference in Kopenhagen will show how
serious the commitment of the Government and the EU to protect the climate
is
By adopting the 'Renewable Energy Sources Directive' and amending the 'Fuel
Quality Directive', the European Council and European Parliament have
created a binding and legal framework for the promotion of biofuels use in
the transportation sector. These comprehensive directives came into force
in June of this year and must be transposed into national legislation by
the EU member states by the end of 2010. In September 2009 the EU gave the
go-ahead to the German 'Biomasse-Nachhaltigkeitsverordnung'. This directive
indicates that in Germany only sustainably produced biofuels are granted
tax concessions or credited to the biofuels blending quota.
Market environment still difficult - EBIT of 2009 negative
For 2009 the Management Board of VERBIO assumes that the forth quarter 2009
will close approximately at the level of the third quarter 2009.
Scheduled repair work will be carried out in December 2009 and January 2010
at the bioethanol plants in Zörbig and in Schwedt/Oder. Therefore the
production capacity in the bioethanol segment will reduce in the fourth
quarter 2009 to about 70 percent. For the full 2009 financial year a
negative operating result in the lower double-digit range will be
generated; the high losses of the first quarter 2009 could not be
compensated in the course of the year.
Despite new directives, laws and regulations, a high oil price and
relatively stable - even slightly decreasing - raw material prices the
overall economical and cyclical conditions in Germany are still too unsafe.
This applies also for other European countries, especially Eastern Europe.
Therefore the Management Board assumes that he shall be able to disclose a
reliable outlook for the business development of the 2010 financial year
not before the beginning of 2010.
A sustainable and explicit improvement of the biofuel industry and the
business of VERBIO the Management Board expects when the link between
amount of taxation and CO2 efficiency of pure fuels will come into force as
announced in the coalition agreement and with the full utilization of the
biomethane plants which are just under construction at the bioethanol
locations.
The interim report as of September 30, 2009 is available in German and
English at www.verbio.de.
Key data 9-month comparison and quarterly development:
in million EUR Q1 2009 Q2 2009 Q3 2009 9M 2009 9M 2008
Group Revenue 122.0 125.0 133.0 380.0 490.6
EBIT -12.0 0.8 0.8 -10.4 15.1
Financial result -0.6 -0.7 -0.5 -1.8 -2.3
PAT -13.8 -2.4 1.3 -14.9 9.5
Segments
Biodiesel Revenue 83.9 90.9 92.6 267.4 336.6
Segment result -1.6 0.4 1.3 0.1 16.4
Bioethanol Revenue 31.2 28.3 34.8 94.3 134.3
Segment result -11.3 0.7 -0.2 -10.8 -1.5
Energy Revenue 5.2 3.8 3.2 12.2 14.2
Segment result 1.0 -0.3 -0.5 0.2 0.5
Others Revenue 1.7 2.0 2.4 6.1 5.5
Segment result -0.1 0.0 0.2 0.1 -0.3
Key figures per share in EUR
EPS (undiluted/diluted) -0.23 -0.03 0.02 -0.24 0.15
Operating cash flow
per share (undiluted/diluted) -0.18 0.12 -0.21
Number of shares in
million shares 63.0 63.0 63.0 63.0 63.0
Information on VERBIO Vereinigte BioEnergie AG
The VERBIO Group is one of the leading producers and suppliers of biofuels
and also the only industrial-scale producer of biodiesel and bioethanol in
Europe. Nominal capacity currently amounts to around 450,000 tons of
biodiesel and 300,000 tons of bioethanol per year. The company has
developed its own processes and innovative technologies for the production
of biodiesel and bioethanol. It supplies its products directly to European
mineral oil corporations, mineral oil traders, independent gas stations and
haulage companies. VERBIO AG also markets high-quality pharmaglycerin for
the consumer goods and cosmetic industries (glycerine is a by-product of
biodiesel production). Within the Group, VERBIO AG acts as the management
holding company. The Group's operating business is run by its subsidiaries:
VERBIO Diesel Bitterfeld GmbH & Co. KG, VERBIO Diesel Schwedt GmbH & Co.
KG, VERBIO Ethanol Zörbig GmbH & Co. KG, and VERBIO Ethanol Schwedt GmbH &
Co. KG.
Important Note
This corporate news contains forward-looking statements, which are based on
assumptions and estimates of the company management of VERBIO Vereinigte
BioEnergie AG. Even though the company management believes that these
assumptions and estimates are correct, the actual future development and
actual future results can deviate substantially from these assumptions and
estimates due to many factors. For example, these factors can include
alteration of the economic situation, legal and regulatory constraints in
Germany and the EU, and changes in the industry. VERBIO assumes no
liability and provides no warranty that future developments and actual
future results will agree with the assumptions and estimates expressed in
this corporate news.
Contact:
VERBIO Vereinigte BioEnergie AG
Augustusplatz 9
04109 Leipzig
Anna-Maria Schneider
Investor Relations
Tel: +49(0)341/30853094
Fax: +49(0)341/30853098
E-Mail: ir@verbio.de
Sandra Haacker
Public Relations
Tel: +49(0)341/30853063
Fax: +49(0)341/30853099
E-Mail: pr@verbio.de
12.11.2009 Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: VERBIO Vereinigte BioEnergie AG
Augustusplatz 9
04109 Leipzig
Deutschland
Phone: +49 (0)341 30 85 30 90
Fax: +49 (0)341 30 85 30 98
E-mail: ir@verbio.de
Internet: www.verbio.de
ISIN: DE000A0JL9W6
WKN: A0JL9W
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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